Bed Bath & Beyond Earned 93 Cents per Share

Bed Bath & Beyond ($BBBY) just reported Q1 earnings of 93 cents per share. That was a penny below consensus. Sales rose 1.7% to $2.657 billion, and comparable sales were up 0.4%.

For Q2, BBBY sees earnings ranging between $1.08 and $1.16 per share. Wall Street had been expecting $1.20 per share. Crucially, BBBY maintained their “mid-single digit percentage” guidance for all of 2014. The stock is down about 6% in the after-hours market.

Here’s the earnings report:

Bed Bath & Beyond Inc. today reported net earnings of $.93 per diluted share ($187.1 million) in the fiscal first quarter ended May 31, 2014, compared with net earnings for the fiscal first quarter of 2013 of $.93 per diluted share ($202.5 million). Net sales for the fiscal first quarter of 2014 were approximately $2.657 billion, an increase of approximately 1.7% from net sales of approximately $2.612 billion reported in the fiscal first quarter of 2013. Comparable sales in the fiscal first quarter of 2014 increased by approximately 0.4%, compared with an increase of approximately 3.4% in last year’s fiscal first quarter.

During the fiscal first quarter of 2014, the Company repurchased approximately $273 million of its common stock, representing approximately 4.2 million shares. As of May 31, 2014, the remaining balance of the existing share repurchase program authorized in December 2012 was approximately $861 million.

The Company is modeling net earnings per diluted share to be approximately $1.08 to $1.16 for the fiscal second quarter of 2014 and, consistent with the prior estimate, to increase by a mid-single digit percentage for all of fiscal 2014. The modeling of net earnings per diluted share is based upon a number of assumptions which will be described in the Company’s first quarter of fiscal 2014 conference call.

Posted by on June 25th, 2014 at 4:29 pm

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